|
3Q 2017 GAAP |
3Q 2017 Non-GAAP |
• Net
sales |
$127.2 million (-4% Q/Q, -20% Y/Y) |
$127.2 million (-4% Q/Q, -20% Y/Y) |
• Gross margin |
|
46.0% |
|
|
46.0% |
|
• Operating margin |
|
17.0% |
|
|
20.0% |
|
• Earnings per diluted ADS |
|
$0.49 |
|
|
$0.57 |
|
Business Highlights
Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended September 30, 2017. For the third quarter,
net sales decreased 4% sequentially to $127.2 million from $132.7
million in the second quarter. Net income (GAAP) decreased to $17.6
million or $0.49 per diluted ADS (GAAP) from a net income (GAAP) of
$24.0 million or $0.67 per diluted ADS (GAAP) in the second
quarter.
For the third quarter, net income (non-GAAP)
decreased to $20.3 million or $0.57 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $25.4 million or $0.71 per diluted ADS
(non-GAAP) in the second quarter.
1 Embedded Storage comprises primarily eMMC and
client SSD controllers and enterprise and industrial SSD
solutions.
Third Quarter 2017 Review “This
quarter, NAND flash industry supply increased materially, which
enabled us to significantly increase procurement of NAND for both
our differentiated Ferri and Shannon SSD solutions,” said Wallace
Kou, President and CEO of Silicon Motion. “Despite supply
improvements, NAND prices remained elevated and high prices, as
expected, continued to temporarily affect broader adoption of
client SSDs. Our eMMC controller sales declined as previously
communicated, the result of our NAND flash partner re-balancing
their limited NAND supply away from mobile phones and towards other
applications.”
Sales
(in millions, except percentages) |
3Q 2017 |
2Q 2017 |
3Q 2016 |
|
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage* |
$117.2 |
92% |
$121.6 |
92% |
$146.9 |
93% |
Q/Q |
-4% |
|
4% |
|
13% |
|
Y/Y |
-20% |
|
|
-6% |
|
|
82% |
|
|
Mobile Communications** |
$8.7 |
7% |
$10.0 |
7% |
$10.1 |
6% |
Others |
$1.3 |
1% |
$1.2 |
1% |
$1.6 |
1% |
Total revenue |
$127.2 |
100% |
$132.7 |
100% |
$158.6 |
100% |
Q/Q |
-4% |
|
4% |
|
13% |
|
Y/Y |
-20% |
|
|
-6% |
|
|
66% |
|
|
* Mobile Storage products include Embedded
Storage products (eMMC and client SSD controllers and enterprise
and industrial SSD solutions) and Expandable Storage products (SD
and USB flash drive controllers) ** Mobile
Communications products include mobile TV SoCs and handset
transceivers
Key Financial Results
(in millions, except percentages and per ADS
amounts) |
GAAP |
Non-GAAP |
|
3Q 2017 |
2Q 2017 |
3Q 2016 |
3Q 2017 |
2Q 2017 |
3Q 2016 |
Revenue |
$127.2 |
|
$132.7 |
|
$158.6 |
|
$127.2 |
|
$132.7 |
|
$158.6 |
|
Gross profit |
|
$58.5 |
|
|
$64.6 |
|
|
$77.4 |
|
|
$58.5 |
|
|
$64.6 |
|
|
$77.6 |
|
Percent of revenue |
|
46.0% |
|
|
48.7% |
|
|
48.8% |
|
|
46.0% |
|
|
48.7% |
|
|
48.9% |
|
Operating expenses |
$36.9 |
|
$34.3 |
|
$38.9 |
|
$33.1 |
|
$32.8 |
|
$32.0 |
|
Operating income |
|
$21.6 |
|
|
$30.3 |
|
|
$38.5 |
|
|
$25.4 |
|
|
$31.8 |
|
|
$45.5 |
|
Percent of revenue |
|
17.0% |
|
|
22.8% |
|
|
24.3% |
|
|
20.0% |
|
|
23.9% |
|
|
28.7% |
|
Earnings per diluted ADS |
$0.49 |
|
$0.67 |
|
$0.92 |
|
$0.57 |
|
$0.71 |
|
$1.07 |
|
Other Financial Information
(in millions) |
3Q 2017 |
2Q 2017 |
3Q 2016 |
Cash and cash equivalents, and short-term investments |
$332.8 |
$306.0 |
$269.2 |
Bank loans |
|
-- |
$25.0 |
$35.0 |
Capital expenditures |
$3.0 |
$2.1 |
$2.8 |
Dividend payments |
$7.1 |
$7.1 |
$5.3 |
Loan repayments |
$25.0 |
|
-- |
|
-- |
During the third quarter, we had $3.0 million of
capital expenditures for the routine purchase of software and
design tools. We paid $2.9 million for the acquisition of
Bigtera, a software defined storage company.
Our third quarter cash flows were as
follows:
3 months ended Sep. 30, 2017 |
|
(In $
millions) |
|
Net
income (GAAP) |
17.6 |
|
Depreciation & amortization |
3.2 |
|
Changes in operating assets and liabilities |
13.8 |
|
Others |
2.9 |
|
Net cash provided by operating activities |
37.5 |
|
Acquisition of property and equipment |
(3.0) |
|
Acquisition of Bigtera |
(2.9) |
|
Net cash used in investing activities |
(5.9) |
|
Dividend |
(7.1) |
|
Loans |
(25.0) |
|
Net cash
used in financing activities |
(32.1) |
|
Effects of changes in foreign currency exchange rates on cash |
0.1 |
|
Net decrease in cash, cash equivalents and restricted cash |
(0.4) |
|
|
|
|
Returning Value to ShareholdersOn October 24,
2016, the Board of Directors of the Company declared a $0.80 per
ADS annual dividend to be paid in quarterly installments of $0.20
per ADS. On August 17, 2017, we paid $7.1 million to shareholders
as the fourth installment of our annual dividend. On
October 24, 2017, the Board of Directors of the Company declared a
$1.20 per ADS annual dividend to be paid in quarterly installments
of $0.30 per ADS. The first installment of our new annual
dividend will be paid on November 23, 2017.
On August 1, 2017, the Company announced that
its Board of Directors has authorized a new program for the Company
to repurchase up to $200 million of its ADS over a 12 month
period. In the third quarter, the Company did not repurchase
any shares.
Business Outlook“We expect our business to
gradually rebound in the fourth quarter, and rebound further next
year due to increasing availability of 64L 3D NAND and more
competitive NAND pricing,” said Wallace Kou, President and CEO of
Silicon Motion. “In the fourth quarter, we expect our Ferri and
Shannon SSD solutions customers to take advantage of improving
supply of NAND flash to procure more than originally
forecasted. We expect our client SSD controller sales to
increase strongly in the fourth quarter as our pipeline of 2nd
generation PCIe NVMe client SSD controllers start entering
production.”
For the fourth quarter of 2017, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$130m to $136m |
-- |
$130m to $136m |
|
2% to 7% Q/Q |
|
2% to 7% Q/Q |
Gross margin |
45.4% to 47.4% |
Approximately $0.2m* |
45.5% to 47.5% |
Operating margin |
13.2% to 15.5%** |
Approximately $8.7m to 8.8m*** |
20.0% to 22.0% |
* Projected gross margin (non-GAAP) excludes $0.2 million of
stock-based compensation.** Projected operating margin (GAAP)
excludes potential impairment charges relating to FCI, which came
to our attention after the end of the third quarter and which we
are currently in the process of evaluating. The total
carrying cost of FCI at the end of the third quarter 2017 is $35.5
million.*** Projected operating margin (non-GAAP) excludes $0.5
million of amortization of intangible assets, and $8.2 million to
$8.3 million of stock-based compensation.
Conference Call & Webcast:
The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on October 27, 2017.
Speakers Wallace Kou, President &
CEO Riyadh Lai, CFO Jason Tsai, Senior
Director of Investor Relations and Strategy
CONFERENCE CALL ACCESS
NUMBERS: USA (Toll Free): 1 866 519 4004 USA
(Toll): 1 845 675 0437 Taiwan (Toll
Free): 0080 112 6920 Participant Passcode: 9227 0229
REPLAY NUMBERS (for 7
days): USA (Toll Free): 1 855 452 5696 USA
(Toll): 1 646 254 3697 Participant Passcode: 9227 0229A
webcast of the call will be available on the Company's website at
www.siliconmotion.com.
Discussion of Non-GAAP Financial Measures
To supplement the Company’s unaudited selected
financial results calculated in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP”), the Company discloses
certain non-GAAP financial measures that exclude stock-based
compensation and other items, including gross profit (non-GAAP),
operating expenses (non-GAAP), operating profit (non-GAAP), net
income (non-GAAP), and earnings per diluted ADS (non-GAAP). These
non-GAAP measures are not in accordance with or an alternative to
GAAP, and may be different from non-GAAP measures used by other
companies. We believe that these non-GAAP measures have
limitations in that they do not reflect all the amounts associated
with the Company’s results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate the Company’s results of operations in conjunction with
the corresponding GAAP measures. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for the most directly comparable GAAP
measure. We compensate for the limitations of our non-GAAP
financial measures by relying upon GAAP results to gain a complete
picture of our performance.
Our non-GAAP financial measures are provided to
enhance the user’s overall understanding of our current financial
performance and our prospects for the future. Specifically, we
believe the non-GAAP results provide useful information to both
management and investors as these non-GAAP results exclude certain
expenses, gains and losses that we believe are not indicative of
our core operating results and because it is consistent with the
financial models and estimates published by many analysts who
follow the Company. We use non-GAAP measures to evaluate the
operating performance of our business, for comparison with our
forecasts, and for benchmarking our performance externally against
our competitors. Also, when evaluating potential
acquisitions, we exclude the items described below from our
consideration of the target’s performance and valuation.
Since we find these measures to be useful, we believe that our
investors benefit from seeing the results from management’s
perspective in addition to seeing our GAAP results. We
believe that these non-GAAP measures, when read in conjunction with
the Company’s GAAP financials, provide useful information to
investors by offering:
- the ability to make more meaningful period-to-period
comparisons of the Company’s on-going operating results;
- the ability to better identify trends in the Company’s
underlying business and perform related trend analysis;
- a better understanding of how management plans and measures the
Company’s underlying business; and
- an easier way to compare the Company’s operating results
against analyst financial models and operating results of our
competitors that supplement their GAAP results with non-GAAP
financial measures.
The following are explanations of each of the
adjustments that we incorporate into our non-GAAP measures, as well
as the reasons for excluding each of these individual items in our
reconciliation of these non-GAAP financial measures:
Stock-based compensation expense consists of
non-cash charges related to the fair value of restricted stock
units awarded to employees. The Company believes that the exclusion
of these non-cash charges provides for more accurate comparisons of
our operating results to our peer companies due to the varying
available valuation methodologies, subjective assumptions and the
variety of award types. In addition, the Company believes it is
useful to investors to understand the specific impact of
share-based compensation on its operating results.
Amortization of intangibles assets consists of
non-cash charges that can be impacted by the timing and magnitude
of our acquisitions. The Company considers its operating
results without these charges when evaluating its ongoing
performance and forecasting its earnings trends, and therefore
excludes such charges when presenting non-GAAP financial
measures. The Company believes that the assessment of its
operations excluding these costs is relevant to its assessment of
internal operations and comparisons to the performance of its
competitors.
Litigation expenses consist of legal expenses
relating to intellectual property disputes, commercial claims and
other types of litigation. While litigation may arise in the
ordinary course of our business, we nevertheless consider
litigation to be an unusual and unplanned activity and therefore
exclude this charge when presenting non-GAAP financial
measures.
Foreign exchange gains and losses consist of
translation gains and/or losses of non-US$ denominated current
assets and current liabilities, as well as certain other balance
sheet items which result from the appreciation or depreciation of
non-US$ currencies against the US$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
|
Silicon Motion Technology Corporation |
Consolidated Statements of Income |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
For the Three Months
Ended |
|
|
Sep. 30, 2016
($) |
|
|
Jun. 30, 2017 ($) |
|
|
Sep. 30, 2017 ($) |
|
Net
Sales |
|
158,580 |
|
|
132,732 |
|
|
127,216 |
|
Cost of
sales |
|
81,175 |
|
|
68,121 |
|
|
68,746 |
|
Gross
profit |
|
77,405 |
|
|
64,611 |
|
|
58,470 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Research & development |
|
25,934 |
|
|
24,476 |
|
|
25,293 |
|
Sales & marketing |
|
7,548 |
|
|
5,588 |
|
|
7,157 |
|
General & administrative |
|
4,878 |
|
|
3,750 |
|
|
3,917 |
|
Amortization of intangibles assets |
|
526 |
|
|
526 |
|
|
526 |
|
Operating
income |
|
38,519 |
|
|
30,271 |
|
|
21,577 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
Interest income, net |
|
541 |
|
|
958 |
|
|
993 |
|
Foreign exchange gain (loss), net |
|
(375) |
|
|
(65) |
|
|
701 |
|
Others, net |
|
28 |
|
|
(7) |
|
|
32 |
|
Subtotal |
|
194 |
|
|
886 |
|
|
1,726 |
|
Income
before income tax |
|
38,713 |
|
|
31,157 |
|
|
23,303 |
|
Income
tax expense |
|
5,991 |
|
|
7,124 |
|
|
5,709 |
|
Net
income |
|
32,722 |
|
|
24,033 |
|
|
17,594 |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per basic ADS |
$0.93 |
|
$0.67 |
|
$0.49 |
|
Earnings
per diluted ADS |
$0.92 |
|
$0.67 |
|
$0.49 |
|
|
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
|
|
Gross
margin |
|
48.8% |
|
|
48.7% |
|
|
46.0% |
|
Operating
margin |
|
24.3% |
|
|
22.8% |
|
|
17.0% |
|
Net
margin |
|
20.6% |
|
|
18.1% |
|
|
13.8% |
|
|
|
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
|
|
|
Weighted
avg. ADS equivalents2 |
|
35,308 |
|
|
35,741 |
|
|
35,766 |
|
Diluted
ADS equivalents |
|
35,539 |
|
|
35,801 |
|
|
35,828 |
|
2 Assumes all outstanding ordinary shares are represented by
ADSs. Each ADS represents four ordinary shares.
|
Silicon Motion Technology Corporation |
Reconciliation of GAAP to Non-GAAP Operating
Results |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
For the Three Months Ended |
|
|
|
Sep. 30, 2016
($) |
|
Jun. 30, 2017
($) |
|
Sep. 30, 2017
($) |
|
Gross profit (GAAP) |
|
|
77,405 |
|
|
64,611 |
|
|
58,470 |
|
Gross margin (GAAP) |
|
|
48.8% |
|
|
48.7% |
|
|
46.0% |
|
Stock-based compensation expense (A) |
|
|
156 |
|
|
2 |
|
|
58 |
|
Gross profit (non-GAAP) |
|
|
77,561 |
|
|
64,613 |
|
|
58,528 |
|
Gross margin (non-GAAP) |
|
|
48.9% |
|
|
48.7% |
|
|
46.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
|
|
38,886 |
|
|
34,340 |
|
|
36,893 |
|
Stock-based compensation expense (A) |
|
|
(6,320) |
|
|
(982) |
|
|
(3,263) |
|
Amortization of intangible assets |
|
|
(526) |
|
|
(526) |
|
|
(526) |
|
Litigation expense |
|
|
(1) |
|
|
- |
|
|
- |
|
Operating expenses (non-GAAP) |
|
|
32,039 |
|
|
32,832 |
|
|
33,104 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
|
38,519 |
|
|
30,271 |
|
|
21,577 |
|
Operating margin (GAAP) |
|
|
24.3% |
|
|
22.8% |
|
|
17.0% |
|
Total adjustments to operating profit |
|
|
7,003 |
|
|
1,510 |
|
|
3,847 |
|
Operating profit (non-GAAP) |
|
|
45,522 |
|
|
31,781 |
|
|
25,424 |
|
Operating margin (non-GAAP) |
|
|
28.7% |
|
|
23.9% |
|
|
20.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) (GAAP) |
|
|
194 |
|
|
886 |
|
|
1,726 |
|
Foreign exchange loss (gain), net |
|
|
375 |
|
|
65 |
|
|
(701) |
|
Non-operating income (expense) (non-GAAP) |
|
|
569 |
|
|
951 |
|
|
1,025 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
|
32,722 |
|
|
24,033 |
|
|
17,594 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
7,378 |
|
|
1,575 |
|
|
3,146 |
|
Income tax impact of non-GAAP adjustments |
|
|
(1,768) |
|
|
(173) |
|
|
(393) |
|
Net income (non-GAAP) |
|
|
38,332 |
|
|
25,435 |
|
|
20,347 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$0.92 |
|
$0.67 |
|
$0.49 |
|
Earnings per diluted ADS (non-GAAP) |
|
$1.07 |
|
$0.71 |
|
$0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
|
35,539 |
|
|
35,801 |
|
|
35,828 |
|
Non-GAAP Adjustments |
|
|
244 |
|
|
51 |
|
|
129 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
|
35,783 |
|
|
35,852 |
|
|
35,957 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes stock-based compensation as
follows: |
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
156 |
|
|
2 |
|
|
58 |
|
Research & development |
|
|
4,009 |
|
|
315 |
|
|
1,960 |
|
Sales & marketing |
|
|
1,038 |
|
|
596 |
|
|
767 |
|
General & administrative |
|
|
1,273 |
|
|
71 |
|
|
536 |
|
Silicon Motion Technology Corporation |
|
|
Consolidated Statements of Income |
|
|
(in thousands, except percentages, and per ADS data,
unaudited) |
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
Sep. 30, 2016
($) |
|
Sep. 30,
2017($) |
|
|
Net Sales |
|
411,948 |
|
|
387,239 |
|
|
Cost of sales |
|
209,461 |
|
|
199,332 |
|
|
Gross profit |
|
202,487 |
|
|
187,907 |
|
|
Operating expenses |
|
|
|
|
|
|
|
Research & development |
|
66,367 |
|
|
74,107 |
|
|
Sales & marketing |
|
20,114 |
|
|
18,504 |
|
|
General & administrative |
|
12,024 |
|
|
11,887 |
|
|
Amortization of intangibles assets |
|
1,577 |
|
|
1,577 |
|
|
Operating income |
|
102,405 |
|
|
81,832 |
|
|
|
|
|
|
|
|
|
|
Non-operating expense (income) |
|
|
|
|
|
|
|
Interest income, net |
|
1,407 |
|
|
2,710 |
|
|
Foreign exchange gain (loss), net |
|
(803) |
|
|
289 |
|
|
Others, net |
|
48 |
|
|
14 |
|
|
Subtotal |
|
652 |
|
|
3,013 |
|
|
Income before income tax |
|
103,057 |
|
|
84,845 |
|
|
Income tax expense |
|
18,274 |
|
|
19,707 |
|
|
Net income |
|
84,783 |
|
|
65,138 |
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
$2.41 |
|
$1.83 |
|
|
Earnings per diluted ADS |
$2.39 |
|
$1.82 |
|
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
Gross margin |
|
49.2% |
|
|
48.5% |
|
|
Operating margin |
|
24.9% |
|
|
21.1% |
|
|
Net margin |
|
20.6% |
|
|
16.8% |
|
|
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
|
Weighted
avg. ADS equivalents |
|
35,198 |
|
|
35,651 |
|
|
Diluted ADS equivalents |
|
35,476 |
|
|
35,867 |
|
|
Silicon Motion Technology Corporation |
Reconciliation of GAAP to Non-GAAP Operating
Results |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
For the Nine Months Ended |
|
|
|
Sep. 30, 2016
($) |
|
Sep. 30, 2017
($) |
|
Gross profit (GAAP) |
|
|
202,487 |
|
|
187,907 |
|
Gross margin (GAAP) |
|
|
49.2% |
|
|
48.5% |
|
Stock-based compensation expense(A) |
|
|
201 |
|
|
127 |
|
Gross profit (non-GAAP) |
|
|
202,688 |
|
|
188,034 |
|
Gross margin (non-GAAP) |
|
|
49.2% |
|
|
48.6% |
|
|
|
|
|
Operating expenses (GAAP) |
|
|
100,082 |
|
|
106,075 |
|
Stock-based compensation expense (A) |
|
|
(8,736) |
|
|
(7,313) |
|
Amortization of intangible assets |
|
|
(1,577) |
|
|
(1,577) |
|
Litigation expense |
|
|
(51) |
|
|
- |
|
Operating expenses (non-GAAP) |
|
|
89,718 |
|
|
97,185 |
|
|
|
|
|
Operating profit (GAAP) |
|
|
102,405 |
|
|
81,832 |
|
Operating margin (GAAP) |
|
|
24.9% |
|
|
21.1% |
|
Total adjustments to operating profit |
|
|
10,565 |
|
|
9,017 |
|
Operating profit (non-GAAP) |
|
|
112,970 |
|
|
90,849 |
|
Operating margin (non-GAAP) |
|
|
27.4% |
|
|
23.5% |
|
|
|
|
|
Non-operating income (expense) (GAAP) |
|
|
652 |
|
|
3,013 |
|
Foreign exchange loss (gain), net |
|
|
803 |
|
|
(289) |
|
Non-operating income (expense) (non-GAAP) |
|
|
1,455 |
|
|
2,724 |
|
|
|
|
|
Net income (GAAP) |
|
|
84,783 |
|
|
65,138 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
11,368 |
|
|
8,728 |
|
Income tax impact of non-GAAP adjustments |
|
|
(2,810) |
|
|
(986) |
|
Net income (non-GAAP) |
|
|
93,341 |
|
|
72,880 |
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$2.39 |
|
$1.82 |
|
Earnings per diluted ADS (non-GAAP) |
|
$2.62 |
|
$2.03 |
|
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
|
35,476 |
|
|
35,867 |
|
Non-GAAP Adjustments |
|
|
140 |
|
|
86 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
|
35,616 |
|
|
35,953 |
|
|
|
|
|
(A) Excludes stock-based
compensation as follows: |
|
|
|
Cost of Sales |
|
|
201 |
|
|
127 |
|
Research & development |
|
|
5,453 |
|
|
4,125 |
|
Sales & marketing |
|
|
1,646 |
|
|
1,972 |
|
General & administrative |
|
|
1,637 |
|
|
1,216 |
|
|
|
|
|
Silicon Motion Technology Corporation |
Consolidated Balance Sheet |
(In thousands, unaudited) |
|
|
Sep.
30,2016 ($) |
|
Jun .
30,2017 ($) |
|
Sep.
30,2017 ($) |
Cash and cash
equivalents |
260,468 |
|
303,612 |
|
327,811 |
Short-term
investments |
8,683 |
|
2,354 |
|
4,984 |
Accounts receivable (net) |
61,800 |
|
76,644 |
|
68,652 |
Inventories |
79,728 |
|
81,767 |
|
78,594 |
Refundable deposits –
current |
44,289 |
|
44,119 |
|
19,542 |
Prepaid expenses and other current assets |
6,392 |
|
11,278 |
|
11,204 |
Total
current assets |
461,360 |
|
519,774 |
|
510,787 |
Long-term investments |
133 |
|
120 |
|
120 |
Property and equipment
(net) |
48,726 |
|
48,910 |
|
48,552 |
Goodwill and intangible
assets (net) |
74,423 |
|
72,840 |
|
77,691 |
Other
assets |
11,033 |
|
5,593 |
|
5,914 |
Total
assets |
595,675 |
|
647,237 |
|
643,064 |
|
|
|
|
|
|
Accounts payable |
38,207 |
|
32,949 |
|
36,518 |
Loans |
35,000 |
|
25,000 |
|
- |
Income tax payable |
22,148 |
|
21,355 |
|
22,360 |
Accrued expenses and
other current liabilities |
73,308 |
|
50,750 |
|
44,637 |
Total
current liabilities |
168,663 |
|
130,054 |
|
103,515 |
Other
liabilities |
16,766 |
|
21,354 |
|
22,313 |
Total
liabilities |
185,429 |
|
151,408 |
|
125,828 |
Shareholders’ equity |
410,246 |
|
495,829 |
|
517,236 |
Total liabilities &
shareholders’ equity |
595,675 |
|
647,237 |
|
643,064 |
|
|
|
|
|
|
About Silicon Motion: We
are the global leader in supplying NAND flash controllers for solid
state storage devices and the merchant leader in supplying SSD
controllers. We have the broadest portfolio of controller
technologies and solutions and ship over 750 million NAND
controllers annually, more than any other company in the
world. Our controllers are widely used in embedded storage
products such as SSDs and eMMCs which are found in smartphones, PCs
and industrial and commercial applications. We also supply
specialized high-performance hyperscale datacenter and industrial
SSD solutions. Our customers include most of the NAND flash
vendors, storage device module makers and leading OEMs. For
further information on Silicon Motion, visit us at
www.siliconmotion.com.
Forward-Looking Statements:This
press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including without limitation, statements about Silicon Motion’s
currently expected fourth quarter of 2017 and full year 2017
expectations of revenue, gross margin and operating expenses, all
of which reflect management’s estimates based on information
available at this time of this press release. While Silicon
Motion believes these estimates to be meaningful, these amounts
could differ materially from actual reported amounts for the fourth
quarter of 2017 and full year 2017. Forward-looking statements also
include, without limitation, statements regarding trends in the
multimedia consumer electronics market and our future results of
operations, financial condition and business prospects. In
some cases, you can identify forward-looking statements by
terminology such as “may,” “will,” “should,” “expect,” “intend,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “continue,” or the negative of these terms or other
comparable terminology. Although such statements are based on
our own information and information from other sources we believe
to be reliable, you should not place undue reliance on them.
These statements involve risks and uncertainties, and actual market
trends or our actual results of operations, financial condition or
business prospects may differ materially from those expressed or
implied in these forward looking statements for a variety of
reasons. Potential risks and uncertainties include, but are
not limited to the unpredictable volume and timing of customer
orders, which are not fixed by contract but vary on a purchase
order basis; the loss of one or more key customers or the
significant reduction, postponement, rescheduling or cancellation
of orders from these customers; general economic conditions or
conditions in the semiconductor or consumer electronics markets;
decreases in the overall average selling prices of our products;
changes in the relative sales mix of our products; changes in our
cost of finished goods; the payment, or non-payment, of cash
dividends in the future at the discretion of our board of directors
and any announced planned increases in such dividends; the effect,
if any, on the price of our ADS as a result of the implementation
of the announced share repurchase program; changes in our cost of
finished goods; the availability, pricing, and timeliness of
delivery of other components and raw materials used in our
customers’ products; our customers’ sales outlook, purchasing
patterns, and inventory adjustments based on consumer demands and
general economic conditions, its customers and consumers; any
potential impairment recognized in our fourth quarter of 2017
relating to FCI; our ability to successfully develop, introduce,
and sell new or enhanced products in a timely manner; and the
timing of new product announcements or introductions by us or by
our competitors. For additional discussion of these risks and
uncertainties and other factors, please see the documents we file
from time to time with the Securities and Exchange Commission,
including our Annual Report on Form 20-F filed on April 28, 2017,
as amended on May 2, 2017. We assume no obligation to update
any forward-looking statements, which apply only as of the date of
this press release.
Investor Contact:
Jason Tsai
Senior Director of IR and Strategy
E-mail: jtsai@siliconmotion.com
Media Contact:
Sara Hsu
Project Manager
E-mail: sara.hsu@siliconmotion.com
Investor Contact:
Selina Hsieh
Investor Relations
E-mail: ir@siliconmotion.com
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